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Current retirees are satisfied with 47% of pre-retirement income Old Mutual Wealth has today published its first Retirement Income Uncovered report that reveals those approaching retirement are expecting to receive £23,700 per year when they retire. The same survey shows that the average income in retirement today is currently just £19,000 – a shortfall of £4,700 per year, or 25%.

In the Chancellor’s Autumn Statement non-domiciled individuals living in the UK have been targeted. The amount non-domiciles pay as a ‘remittance basis charge’ will increase, making it more expensive for them to defer paying UK tax on their overseas income or gains.

If you are covering today’s Autumn Statement, please see the following comments from Adrian Walker, Old Mutual Wealth Retirement Planning Expert, calling on the Government to allow Isa savings to be passed on tax free to children as well as a spouse.

Paul Craig joins Old Mutual Global Investors. Old Mutual Wealth has completed the acquisition of a 50% stake in Intrinsic Cirilium Investment Company Limited (‘Cirilium’) from Henderson Global Investors. Old Mutual Wealth now oversees 100% of the £2 billion Cirilium fund range which will be managed by John Ventre’s multi-asset team within Old Mutual Global Investors.

Old Mutual Wealth has revealed that from today its critical illness insurance product, ‘Protect’, has been expanded to cover 65 conditions and now includes cover for all types of heart attack* and vascular disease and extended coverage for strokes.

Old Mutual Wealth today (Nov 24) announces its approach to the sunset clause in the FCA’s platform paper. The approach is designed to give advisers and their clients as much time as possible to move to adviser fee arrangements. At the same time, Old Mutual Wealth is also announcing the launch of a platform-led share class conversion process, with the first conversions taking place in February 2015.

Skandia International, part of Old Mutual Wealth, has appointed industry leader Marcel Bradshaw as sales director. The appointment will further strengthen Skandia International’s position as the leading provider of international wealth planning solutions as it rebrands to Old Mutual International at the end of the year.

From April 2015 individuals will be given the freedom to withdraw their entire pension pot as cash after age 55. Research suggests that 12% already plan to take their entire pension as cash but most do not know how it will be taxed.* Among those who withdraw some or all of their pension as cash, many will hope to invest in buy to let. Analysis from Old Mutual Wealth shows the scale of the tax implications they face.**

Old Mutual Wealth, a leading retail investment business, continued to grow in Q3 2014 with net client cash flow (NCCF) of £0.8 billion during the period, up 33% on Q3 2013 (£0.6 billion). The increase takes year to date NCCF to £2.0 billion, an increase of 43% compared to 2013.

Anyone living in the UK who is currently deemed ‘non UK domiciled’ for tax purposes should consider taking steps to protect their worldwide assets. Potential changes to the domicile rules could mean more foreign nationals becoming deemed UK domiciled and their worldwide assets becoming liable to UK inheritance tax (IHT) on their death.

Old Mutual Wealth has today announced that it will be simplifying its charging structure by removing the annual pension drawdown fee and scrapping the current minimum charge on its platform. The changes will come into effect on 1 January 2015 and are designed to make Old Mutual Wealth better value for smaller investments and for customers looking to take advantage of the new pension withdrawal rules.

Andy Pomfret has been appointed to the Board of Old Mutual Wealth Management Ltd. Andy will help the company develop its growth strategy as the leading retail investment business in the UK. He will chair the Audit Committee of Old Mutual Wealth, and will join the Board Risk and Remuneration Committees.